• Ripple's Xpring grants 1 billion XRP to Coil for driving adoption of XRP and the Interledger Protocol.
  • A part of the grant will be used to build awareness of Coil among users, creators, and strategic partners.

Coil became the latest firm to receive funding from Xpring after they got a 1 billion XRP grant from Ripple’s investment arm. Coil offers creators a brand-new way of monetizing their content (apart from advertising and site-by-site subscriptions). The money is expected to be used towards increased adoption of XRP and the Interledger Protocol (ILP). 

Stefan Thomas, CEO and founder of Coil and ILP, said: 

"Creators want more choice and control over how their content is monetized and distributed. Web Monetization provides a solution that is more fair, open and inclusive for creators and fans around the globe. This initiative will help us level the playing field for creators by providing a better way to support content across the web."

Ethan Beard, Senior Vice President of Xpring, said:

"Advertising and site-by-site subscription models are ready for disruption. The low cost and fast transactions of XRP makes it an ideal tool for Coil to offer an alternative monetization method and have a positive impact on creators. At Xpring, we build infrastructure and support projects that enable the Internet of Value and increase the utilization of XRP -- we're excited to support Coil and the team in their journey."

Coil is planning to use the 1 billion XRP to build an ecosystem of creators, developers, companies and nonprofits who are using the Web Monetization open standard. A part of the grant will be used to create awareness of Coil among users, creators, and strategic partners. In May 2019, Coil had launched its monetized publishing platform for creators. This platform allows creators to post exclusive and public content on Coil. By adding a simple tag, creators can web-monetize their websites. People looking to support creators using Coil can join the community with a $5 monthly subscription fee. Creators, however, need not pay any membership fees. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin and major altcoins extend the decline on Monday

BTC/USD is currently trading at $9,822 (+1.6% on a day-to-day basis). The coin has recovered from the intraday low of $9,714, however, the upside momentum is still slow. 

More Cryptocurrencies News

LTC/USD freefall to $60 seems imminent

Litecoin recently climbed several barriers including $70 and $80. Although the focus was on $100, the high formed at $84 marked the end of the rally. The price has retreated to $72, besides the bulls are fighting to keep LTC above $70. 

More Litecoin News

NEO/USD regains ground above $14.00 as Binance launches NEO/USDT futures

NEO/USD topped at $16.72 on February 14 and hit the recent low of $13.41 on Sunday amid global sell-off on the cryptocurrency market.

More NEO News

Bitcoin Cash Market Update: BCH/USD 6% dive ravages $400 support

Bitcoin Cash is leading the sloth of bears in the cryptocurrency market. The losses that started on Saturday continued to dominate both the Asian session and the European sessions on Monday. BCH/USD is trading at $385 following a 6.72% loss on the day.

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls brace for jump to $11,000

Bitcoin (BTC) has been growing for three weeks in a row. The first cryptocurrency hit $10,504 on Thursday - the highest level of 2020.

Read the weekly forecast

BTC

ETH

XRP